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Stagnation and Institutional Structures

Author

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  • David M. Kotz
  • Deepankar Basu

Abstract

The stagnation in the US economy since 2008 has given rise to a mainstream stagnation literature. This paper offers a critique of that literature and proposes an explanation for the current stagnation based on social structure of accumulation (SSA) theory. It presents historical and econometric evidence for an SSA-based explanation of the current stagnation and considers the implications for the likely near-future course of economic policy and institutional change. JEL Classification: E11, E39, O43

Suggested Citation

  • David M. Kotz & Deepankar Basu, 2019. "Stagnation and Institutional Structures," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(1), pages 5-30, March.
    • Handle: RePEc:sae:reorpe:v:51:y:2019:i:1:p:5-30
    DOI: 10.1177/0486613416673472
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    References listed on IDEAS

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    1. Robert J. Gordon, 2012. "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds," NBER Working Papers 18315, National Bureau of Economic Research, Inc.
    2. Robert J. Gordon, 2016. "Perspectives on The Rise and Fall of American Growth," American Economic Review, American Economic Association, vol. 106(5), pages 72-76, May.
    3. Lawrence H Summers, 2014. "U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 49(2), pages 65-73, April.
    4. Deepankar Basu & Ramaa Vasudevan, 2013. "Technology, distribution and the rate of profit in the US economy: understanding the current crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(1), pages 57-89.
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    Cited by:

    1. David Kiefer & Ivan Mendieta-Muñoz & Codrina Rada & Rudiger von Arnim, 2020. "Secular Stagnation and Income Distribution Dynamics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(2), pages 189-207, June.

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    More about this item

    Keywords

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    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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